• Report: #1052051
Complaint Review:

Quaker State Commercial Finance

  • Submitted: Sat, May 18, 2013
  • Updated: Sun, May 19, 2013

  • Reported By: Childrens charity — Kissimmee Florida
Quaker State Commercial Finance
1950 Butler Pike, # 137, Conshohoken, Pennsylvania USA

Quaker State Commercial Finance Leonard J. Keating Defrauded Charity for Children causing 5 million in losses Conshohoken Pennsylvania

*Consumer Comment: Do Not Believe Leonard Keating Jr. or Quaker State Financial Corporation

*REBUTTAL Owner of company: Father Hamm's Care For Kids - Total Misrepresentation

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 Our Charity was contacted by this company and were told they were a lender and if we send in $5,000 of the childrens money they would lend on one of the few assets of the charity. Once we sent in the money they became impossible to contact again. We are finding out they don't actually have a lending license and don't actually close land loans at any dollar amount. The charity has lost almost half it's assets as that $5,000 was tagged to go to an actual lender for appraisals. who would steal from a childrens charity? Do not send them money but let us see the paperwork they may send you to solicite funds and pretend to be a lender. we are gathering documents from these cons.

This report was posted on Ripoff Report on 05/18/2013 10:31 PM and is a permanent record located here: http://www.ripoffreport.com/reports/quaker-state-commercial-finance/conshohoken-pennsylvania-19428/quaker-state-commercial-finance-leonard-j-keating-defrauded-charity-for-children-causin-1052051. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Do Not Believe Leonard Keating Jr. or Quaker State Financial Corporation

AUTHOR: Connecticut Developer - (USA)

Leonard Keating Jr. can say what he wants, but here are the facts.

The address for Quaker State Commercial Finance at 1950 Butler Pike, No. 137, Conshohocken, PA appears to be a UPS mail drop.

Quaker State Commercial Finance purports to be a lender.  Well it is public record that Mr. Keating's home is under mortgage forclosure.  See E*Trade Bank vs. Leonard J. Keating Jr. et al Court of Common Please of Montgomery County, Pennsylvania Civil Division NO.: 2014-29303.  So this "lender" does not appear to be able to pay his bills.  



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#2 REBUTTAL Owner of company

Father Hamm's Care For Kids - Total Misrepresentation


To Whom It May Concern:

My name is Leonard J. Keating, Jr. and I am the Principal and President of Quaker State Commercial Finance, Inc. This is to rebut the wild and outrageous accusations made by Mikhail V**** against my company and me after his broker contacted us for a commercial loan on behalf of Mr. V****.

We acknowledge that the borrower deposited $5,000.00 with us so that we could conduct "Due Diligence" to support his $1,000,000.00 Bridge Land Loan request based on a property with a purported "As Is" value of $4,500,000.00. This is consistent with our policy for the past 35 years and was fully disclosed to the Borrower.

The issue with this loan request is that, while conducting our required due diligence, we uncovered that the borrower made numerous and flagrant lies and fraudulent misrepresentations as follows:

1. Mr. V**** claimed that his property was valued at $4,500,000.00 when in fact, after being valued by our appraiser, the true worth is not more than $1,000,000.00. Mr. V**** had a "Made As Instructed" appraisal completed and all of the Comps used were out of the area with one being the Boston Red Sox Spring Training Facility in Ft. Myers, Fl more than 168 miles from the borrowers property. Basically, he was trying to do is "sell the land" to the Lender.

2. Mr. V****, on our application, represented that he had never been bankrupt. Our investigation uncovered that he filed for Bankruptcy two times; once in July 2010 and again in March, 2011.

3. In addition, Mr. V**** represented to us that he never was in foreclosure. Our ivestigation determined that he was in foreclosure in February 2011 and April 2012.

4. Mr. V**** represented that he had $120,000.00 in liquidity. When our underwriter asked for documentation verifying this; Mr. V**** claimed that he sent the money to a charity he purportedly runs in the Ukraine. When we asked for documentation of this we were given wire transfers from one individual's account  to another individual's account with no mention of a non profit charity by either the borrower or the recipient. Our Investor supected that Mr. V**** was trying to move his money offshore because of his financial difficulties.

5. Mr. V**** initially represented that he was going to use the proceeds of the loan to develop the property. Our Due Diligence Investigation determined that the real purpose of the loan was to purchase a hotel. 

6. The most outrageous lie was that Mr. V**** claimed that his net worth was $52,000,000.00. Our investigation determined that his only source of income is as a cab driver.

Basically, I have been a commercial lender for almost 40 years and Mr. V**** is the most creative and delusional liar I have come across. No conscientous lender, after receiving the results of our "Due Diligence" would lend Mr. V**** a nickel let alone $1,000,000.00.

The results of our investigation obviously enraged Mr. V**** and led to his outrageous complaint against our firm, its' good name and myself.


Leonard J. Keating, Jr.,President

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